Tag Archives: Mortgage process

[FHA] FHA loan | Whole FHA loan process explained | FHA Mortgage Loan

GF Area Homes

This video is gonna teach you eight steps of what you need to do to buy a home using an FHA loan. It’s gonna give you a guidelines, it’s gonna give you all kinds of things, what documentation you’re gonna need and how the whole home buying process works with an FHA loan! Step number one – FHA is not an actual loan. FHA stands for Federal Housing Administration and what it does is it ensures the loan, so that people with a small of down payment can buy the home. Otherwise without the insurance the risk would be too great – nobody can buy a home in that in that situation. Step number two as low as a five hundred FICO score you can buy from five hundred to five seventy nine – ten percent down From five eighty and above we’re looking at only three and a half percent down.

Gone are the myths of the twenty percent down to buy a house. You can buy your own house with as little as three and a half percent down with an FHA loan. Step number three – here’s a question people always ask – I have a bankruptcy – with an FHA loan two years must have elapsed from the time it was discharged till the time you can buy.  I have a foreclosure – I had a short sale.

Three years must have elapsed from the day of the short sale or foreclosure and you could buy your own home again. Step number four here’s the debt ratio – if you make ten thousand dollars a month and I’m not saying if you make 10 grand but I’m just giving it to you for even number purposes – you can go to forty seven percent of that forty seven hundred dollars for qualification purposes for the house. fifty seven percent when we take the total house payment and the car payment and the student loans child support alimony credit cards all the debts put together – fifty seven percent so take your monthly income before taxes fifty seven percent will include your debt forty seven percent will be the house payment it must require and here both those criteria.

Step number five – income requirements, well in most cases you must have a two-year history of working in the same field in the same industry example if you just started a job working for Federal Express delivering packages and you started doing that today well if you don’t have a history in delivery for the last two years you’re gonna have to wait two years going forward if you worked for ups for the last two years or the post office or something in the same type of industry then as long as you have that two year history we’re good even though you’ve just started the new job. Now if you’re self-employed what we’re probably gonna do is we’re gonna average your income over two years that’s your net income that’s what after you write everything off all your expenses and if you just have a job and maybe your salary very simple but if you’re hourly, we’re gonna calculate you hourly and we’re gonna average your overtime over two years so we can look into things in a number of different ways.

We’re experts at figuring this out. Now once in a while people say to me, I’ve only been doing this six months and I ask did you get an education in this field maybe a college degree maybe a certificate program maybe you went to a year of training to become a radiologist or a radio technician that type of thing well we can use that in lieu of the two years experience so there’s a lot of tech tips tricks trades little things we can do but you need to show me what it is so I can help you qualify for that loan.

Step number six – Documentation. We must prove everything must be forensically proven on paper – how much do you make – how much have you made for the past two years. So the documentation I’m going to start with I’m going to tell you we’re gonna need two years w-2s from your job we’re gonna need two years federal taxes once in a while we won’t need them but we will require getting them in case we’re going to need one month’s pay stubs so if you’ve been on the job for 10 years or you’ve been on the job for two months I need the last month’s pay stubs and this is for all borrowers so if there’s a husband and wife both working need it for both we also need two months bank statements for any accounts that you might have savings account retirement account check an account all the different banks or credit unions or whatever type of money accounts we need two months worth and we need all pages. If a page says this page is intentionally left blank I need that page. It sounds silly I know, but those are the guidelines also need your driver’s license and social security card this is super important in today’s day and age of you know what we have to deal with and the Patriot Act but it’s federal law we have to get those documents now once in a while if somebody’s had a bankruptcy in the past we need the bankruptcy papers if you’ve been divorced we need the divorce papers we need some extra documentation and that’s a case-by-case basis we’ll let you know what they are based on your individual circumstance so the paperwork is super important if we ask for 10 things and we get nine it’s kind of the same as having zero we need them all.

Step number seven I’m gonna teach you what the loan process is and how that works what I like to do is get you first of all not pre-approved most lenders out there – they do these pre- approvals and well they’re only worth the paper that they’ve written on what I like to do is gather all documentation I actually send it to the underwriter the underwriter is the person who approves or denies the file I send all the paperwork as if we already have a property we’re ready to go I send you a credit I send you bank statements I send you everything that it takes and I let the underwriter say yes you’re approved we need this additional documentation which is very common but when you make an offer you’re gonna do it from a position of strength so we get you pre-approved and now what’s gonna happen is you’re gonna go with a realtor if you don’t have a realtor I know all the best most experienced realtors in the industry I’ll give you a great realtor now you’re gonna go with the realtor in your price range he’s gonna show you houses condominiums whatever you’re looking for in your individual circumstance and if you find that one or two properties that you say hey this is the one what happens is they the realtor is gonna write an offer and submit it to the agent who did the listing and I’m gonna assist them with helping to get your offer accepted in today’s day and age there are seven to ten offers for every property on the market because there’s a shortage of houses and this is driving the prices up so time is of the essence you want to get this going now here’s what happens they’re gonna review the offers they want to see which property and which offer is going to make the most sense for them obviously they’re gonna look at which one’s gonna pay us the most money they’re gonna look at which one is most likely to close that’s super important because sometimes there are offers that are not very good not very strong borrowers so they’re gonna evaluate all these things that’s where I get involved I call them up and tell them this is Chris the mortgage pro and I have a slam-dunk deal ready to go that is not pre-approved it’s already approved that will raise your offer near the top of the list if not to the top so that’s a very big deal once the offer is accepted what happens is we’re going to start with the loan process there’s disclosures and paperwork we’re in a very bureaucratic age in the mortgage industry and the whole mortgage industry is are gonna require you to sign paper about this thing thankfully we can do it electronically today you could just click on your computer or on your phone and accept those disclosures the next thing we’re gonna do is we’re gonna order title we’re gonna open escrow and we are going to order the appraisal we handle all of that so you don’t have to and again the underwriter is going to look at the appraisal they’re gonna look at the title they’re gonna look at escrow see if everything is acceptable is there any additional paperwork that we need from you the borrower has any changed and when we put all that together and they issue what’s called a clear to close that’s when we start doing the happy dance we’re excited everything’s going good we start the closing proceedings there’s gonna be a paper that’s gonna be emailed to you call the closing disclosure and that’s where it has the final numbers because everything must match to the penny and you’re gonna sign this closing disclosure and three days later you’re allowed to sign the loan documents and usually either sometimes that day or usually the next day of the day after we close the loan it funds the loan we wire the money to pay it off and then the escrow and title company work together to record the loan the when’s once it’s recorded the property is now finally a hundred percent it’s your property you’re a homeowner and the next thing that happens is the realtor is gonna be all excited to come and present you with the keys so you can open the door to your own home at that point we have fired your landlord that’s a big deal step number eight is really simple call me up just call me text me email me whatever it takes call one of my assistants We’ll get you the numbers really simple we sit down we go through the process if you want and you don’t have time and time is of the essence here’s what you can do you go to my website www.FireYourLandlord.info We’re going to Fire Your Landlord!

What is an FHA loan? FHA? How does an FHA loan work? The easy FHA process of buying a home with an FHA loan in 2019 and how the entire mortgage loan process FHA mortgage loan guidelines change so you’ll learn the loan process to get a mortgage loan & FHA loan requirements 2019 A mortgage pro’s look at FHA loans and the FHA loan requirements 2019 and the FHA mortgage industry and how to buy a home using an FHA This home loan video features FHA home loan requirements, what is an FHA home loan FHA mortgage loans FHA mortgage loan of how to buy a home with FHA home loan simple mortgage Mortgage! FHA! Home Loans!

Learn the Loan process, about FHA loans FHA FHA mortgage loans & FHA mortgage loans in detail and easy mortgage steps & what is an FHA loan? Mortgage loan Program!

Easy Home loan for vets and first-time home buyers with FHA loan & VA “Fire Your Landlord”! He explains the FHA loan process for FHA loans & the FHA mortgages 2019 California, including how to qualify for an FHA So, having an FHA loan explained of how to buy real estate, often with little money down can get you where you want to be! Homeownership through an FHA mortgage! The loan process for FHA home loans is The whole loan video process is why this FHA video is so well liked by potential FHA loan FHA first time home buyer alert!

In today’s FHA loan real estate loan market, we know the simple & quick steps to help you Fire Your This FHA loan process video reveals the whole loan truth to what is an FHA home loan loans real estate offers FHA home loan application online in this FHA FHA home loans are the easiest home loans to qualify in the mortgage Then the FHA loan is explained properly, you’ll see that with a low down payment, low credit score, & provable income, you can use an FHA mortgage whether you are a first time home buyer or a seasoned investor, but it must be used for an owner-occupied property FHA is still the easiest mortgage to qualify for in the entire mortgage FHA loan multifamily is available for 2 unit, 3 unit and 4 unit properties with only a down payment! These HUD loans are the lowest down payment programs possible to buy a multi-family home! If you have been spending time with the house for rent ads, FHA loans could be your answer to shopping for a home instead! With FHA loans California and mortgage loans FHA loan 2019 may be your best bet and easiest loan to qualify for!

One of the reasons that FHA is such a popular loan is it’s our simple loan process of how to buy a house in California, it often includes zero down payment FHA loans adding a few extra requirements in down payment assistance programs in
This video is FHA loans explained, what is an FHA loan, how do FHA loans work the FHA loan process, what is an FHA The FHA loan process and qualifying for an FHA mortgage and FHA loans is a simpler process from most other loans with easier An FHA loan explained correctly can make the difference between a successful close and an aggravating FHA Mortgages are insured by the Federal Housing FHA mortgage is the easiest whole loan process to use & FHA is the easiest loan to qualify for is an FHA mortgage, which is why FHA loans for first time home buyers have become the best!

Top Mistake People Make When Applying for a Mortgage | Home Loan Application Mistakes

GF Area Homes

How’s it going everyone? Matt Leighton, welcome back to another video. In this episode, we are talking mortgages, lending. I’m here with Rich Conlon from Atlantic Coast Mortgage. Say what’s up Rich. Hi, Rich Conlon, Atlantic Coast Mortgage. Loan Officer. Born and raised in Vienna, Virginia. Love the area. Still live in the area. Just here to help out with my man Matt and help answer any questions. Awesome, whenever someone has a mortgage question further than “What is the rate?”, I just tell them to talk to Rich. I know a little bit about mortgages…but today we’re talking about the top mistake people are making when they’re applying for a loan.

You see all these loan commercials. It’s funny, when we get the primer, one-sheeters on the list of things NOT to do. One of them is like, “Don’t go and buy a boat”. Don’t buy a new car. I’m thinking to myself, nobody in the history of loans has ever gone under contract and then bought a boat the day after. I’m sure it has happened. But it obviously is not the number one mistake people are making when they’re trying to buy a home. That’s where Rich comes in. Rich, you’re on the spot here. What is the number one thing people are doing, that they shouldn’t be doing when they’re applying for a loan with you guys? It’s simple, it’s before you even get to contract.

It’s just waiting until the last minute to get pre-approved. We understand circumstances sometimes that’s just how it is. The big thing is, after meeting your agent, talking about price ranges and goals, the next step, it can’t hurt to just reach out to a lender or two or three and start identifying what you can actually qualify for. That’s the best thing. The earlier the better. Main reason is that it allows time to find any potential pitfalls that can come back in the underwriting process a week before closing. Last minute surprises are the worst. Nobody wants that. Getting pre-approved early is always better. It allows time to figure out if there are any extra hoops to jump through. That just gives you better piece of mind. When you’re out with your agent. Definitively what you can and can’t qualify for. In addition, we always like to provide you with estimates on homes that you’re going to go see so when you’re looking at them, the wheels are turning.

What are my payments going to be like? There’s a ton of benefits to getting preapproved early, rather than waiting for the last minute. And it is beneficial from the very beginning all the way to settlement. It will make your transaction much more transparent, seamless, and less stressful. It takes a village. And it just helps when everything is lined up. Yeah certainly execution is the number one thing. You can look online at how to apply for a mortgage, what pitfalls to avoid, how to do this, how to do that. At the end of the day, actually going out, going on your lender’s website and getting preapproved.

You know when I’m working with buyers, I always ask two very important questions. Number one: are you already working with a real estate agent. Very important. I’ve not asked that in the past and it’s come back to bite me, believe it or not. Well, it’s very easy to believe actually. And number two, are you pre-approved with a local lender? If you are looking for homes and you are not pre-qualified, you are not a serious buyer. You are wasting your time. You might say “well, I’ll just get a letter once I write a contract, it’s fine”. Well, my buyers already have that letter and they will beat you to the punch and get their offer in before you. Nobody likes to get bad news. You don’t want to waste your time falling in love with something that you ultimately don’t qualify for. We find that our clients 99% of the time are pre-approved early just makes your guy’s time much more efficient and you know what you can qualify for.

All of your processes are so streamlined just to a T that if you do them, you will get qualified, you will have your letter. The reason you screw up is you go off astray, you don’t return calls, you don’t return emails. We’re a referral-based company so communication is key. Delivery, setting expectations and obviosuly meeting those expectations. Pre-approvals we can do in as little as 24-hours and especially in this market. Spring time, summer time, that’s what it takes. Speed kills. That’s how we like to operate. And communicating to you and your agent so we can all move quickly.